On Wednesday, Shares of Key Energy Services, Inc. (NYSE:KEG), lost -3.25% to $0.589.
Key Energy Services, stated third quarter 2015 merged revenues of $176.9 million and a pre-tax GAAP loss of $765.8 million, or $4.06 per share. The results for the third quarter comprise:
- pre-tax charges of $618.5 million, or $3.28 per share, related to the impairment of the Companys U.S. goodwill and certain U.S. assets;
- pre-tax charges of $63.1 million, or $0.33 per share, related to impairment of assets primarily associated with the Companys exit from markets outside North America;
- pre-tax costs of $4.0 million, or $0.02 per share, due to severance;
- pre-tax costs of $2.5 million, or $0.01 per share, related to the formerly revealed Foreign Corrupt Practices Act (FCPA) investigations; and
- a pre-tax loss of $2.5 million, or $0.01 per share, on foreign currency translation.
Not Taking Into Account these items, the Company stated a pre-tax loss of $75.3 million, or $0.40 per share. Additionally, the Company incurred an after-tax charge of $23.0 million, or $0.15 per share, related to deferred tax valuation allowances in markets outside of the U.S. Not Taking Into Account this tax-related charge, the Company stated an after-tax loss of $40.0 million, or $0.25 per share. Second quarter 2015 merged revenues were $197.5 million with a pre-tax GAAP loss of $96.1 million, or $0.42 per share. The results for the second quarter comprised a pre-tax loss of $21.4 million, or $0.10 per share, related to a pending sale and the associated impairment of the Companys assets in Oman, pre-tax costs of $8.4 million, or $0.04 per share, related to the formerly revealed FCPA investigations, a pre-tax loss of $2.1 million, or $0.01 per share, on the sale of certain U.S. assets and pre-tax costs of $1.1 million, or $0.00 per share, due to severance. Not Taking Into Account these items, the Company stated a second quarter 2015 pre-tax loss of $63.1 million, or $0.27 per share.
Key Energy Services, Inc. operates as an onshore rig-based well servicing contractor in the United States and internationally. It offers rig-based services, counting the maintenance, workover, and recompletion of existing oil wells; completion of newly-drilled wells; and plugging and abandonment of wells at the end of their lives, in addition to specialty drilling services to oil and natural gas producers.
Shares of Xerox Corp (NYSE:XRX), declined -1.03% to $9.64, during its last trading session.
Xerox, declared the appointment of Darrell Ford as chief human resources officer and senior vice president of the corporation. He will join the company on Dec. 1, 2015.
Darrell brings proven leadership skills and a strong background across all HR competencies,” said CEO Ursula Burns. “His sound business acumen and global perspective will assist Xerox to continue to adapt and to address the needs of our increasingly diverse workforce.”
Ford comes to Xerox from Advanced Micro Devices (AMD) where he has been chief human resources officer since 2012. At AMD, Ford assisted guide the company’s successful “AMD Way”, an ongoing effort to align the global employee population around a culture of commitment to assist create improved value for customers and shareholders. Preceding to joining AMD, Ford was vice president of human resources for the Retail and Lubricants divisions at Shell Oil. He joined Shell in 2008 from Honeywell International, where he served as vice president of human resources and led their Centre for Organizational Effectiveness.
Xerox Corporation provides business process and document administration solutions worldwide. The company’s Services segment offers various business process outsourcing services, such as customer care, transaction processing, human resources, communication and marketing, and consulting and analytics services, in addition to finance, accounting, and procurement services.
Finally, Shares of Pulte Group, Inc. (NYSE:PHM), ended its last trade with -0.65% loss, and closed at $18.34.
PulteGroup, will present at the UBS Building & Building Products Annual CEO Conference on Wednesday, November 11, 2015, at 10:00 am (ET).
PulteGroup, Inc., through its auxiliaries, engages in the homebuilding business; mortgage banking operations; and title operations in the United States. The company is involved in the acquisition and development of land primarily for residential purposes; and the construction of housing on land.
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